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February 15, 2019
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Bitcoin

Exchange Bitcoin over the Lightning Network: New Off-Line Wallet

Several technological initiatives and devices designed to make Bitcoin transactions faster, safer, and cheaper are streaming into the crypto space. The latest is Spark, which is a wallet that facilitates sending and receiving Bitcoin, using c-lightning.

Simple Interface to Pay with Bitcoin over the Lightning Network

The Lightning Network is developing, empowering speedier exchanges among nodes. This marvel is presently gaining up included force with the coming of new technologies, such as Spark.

Start is another electronic graphical UI (GUI) wallet app. It is good with the Electron application for Linux, Windows, and MacOs operating systems. It can likewise be utilized with the Android mobile app. In the blink of an eye, Spark will likewise be compatible with iOS.

In an article entitled “Spark: A new GUI for c-lightning,” Grubles writes,

“With Spark, Bitcoins [coinprice] are easily spent and received over the Lightning Network with a simple interface. A user can now run their own fully validating Bitcoin node, their own c-lightning node, and their own Spark GUI to use the Lightning Network as trustlessly as possible.”

Bitcoin, BTC, Ethereum, BTCuk, BitCoinEurope, BTCeurope, ICO, ICOeurope, CryptoUK, CryptocurrencyUK, CryptosUK, Crypto, CryptoNews, CryptoLife, Cryptocurrency, InitialCoinOffering, CoinMarketCap, ETH, XRP, EOS, GVT, LTC, NEO, BNB, ADA, TRX, XVG, BCC, BCH
Bitcoin

One of Spark’s main features is that users can perform off-chain Lightning Network transactions. Spark’s technical documentation points out that the device is a purely off-chain wallet. In this regard, developer Nadav Ivgi, tweeted:

“The setup is a running c-lightning node on a server at home or on the cloud, which you connect to remotely from your phone. Your phone doesn’t have to be online, but the server does. The server can provide several wallets.”

Solving Bitcoin’s Scalability Problem

Bitcoin Lightning Network guarantees the capacity of supporting millions to billions of exchanges for each second over the system.

It is a decentralized framework in which clients can execute trustless micropayment channels to perform one or various installment exchanges off-blockchain.

Exchanges happen between the diverts dwelling off the blockchain. Upon consummation, the exchanges are communicated, as a solitary exchange, to the blockchain. Once the exchange channel is shut, the finished exchanges are deciphered onto the Bitcoin blockchain.

Bitcoin Lightning Network continues to expand exponentially as shown in the chart below. As of this writing, Lightning Network boasts over 3,288 public nodes, 11,575 channels, with a network capacity of over 93 Bitcoins $6998.32 -0.16%, according to data provided by p2sh.info.

Bitcoin, BTC, Ethereum, BTCuk, BitCoinEurope, BTCeurope, ICO, ICOeurope, CryptoUK, CryptocurrencyUK, CryptosUK, Crypto, CryptoNews, CryptoLife, Cryptocurrency, InitialCoinOffering, CoinMarketCap, ETH, XRP, EOS, GVT, LTC, NEO, BNB, ADA, TRX, XVG, BCC, BCH

Three companies are developing Lightning Network into a functioning specification called lightning-RFC or “BOLTS.” Each of these companies is working on its own implementation. Lightning Labs works has lnd, and ACINQ has Eclair. Blockstream has c-lightning, which Spark uses as a backend.

Do you think the latest technological innovations such as c-lightning and the Spark wallet will help to solve cryptocurrencies’ scalability issues? Let us know in the comments below!


Images courtesy of Shutterstock, Twitter, p2sh.info

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